The market is flat and I am up a smidge. However, there is a lesson to be learned from today’s trading session in the shares of YELP.
All of you little creatures of the night, wannabe Einhorns and Ackmans, went short YELP ahead of the lock-up period expiring, which happens to be today. How do you feel about that now? The stock was down a dollar this morning, but then reversed– CONSTANZA STYLE– and is now murdering shorts by the dozen, up almost 4.
Nothing is a given, always remember that.
I have meetings today and will be checking in from time to time. I don’t anticipate much action ahead of the Fed.
You should take this time to stress test your portfolios and prepare for extreme volatility.
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